NFC MARKET : “Digital Wallets Could Quicken Currency Exchange Payments”

With
multi-national firms such as Google and Visa investing heavily in the
development of Near Field Communications (NFC), leading technology experts
predict 2012 will be the year we see digital and mobile wallets gain mainstream
popularity after years of anticipation. However currency exchange experts, Currencies Direct, believe the
technology could also be applied to foreign exchange transfers, as a means of
quickening the process of cross-border payments.

Customers
are often subject to delays in payments while transactions get authorised and
confirmed by corresponding banking organisations. However the added security
digital wallets offer could accelerate this process altogether, allowing funds
to be transferred instantaneously and improving cash management.

Digital
wallets (also referred to as eWallets) allow users to store important personal
information and data on one card; eliminating the need for wallets full of
credit and debit cards. The technology allows users to make electronic commerce
transactions quickly and securely- often utilising NFC to carry out financial
transactions.

However
despite the ease with which payments can be made- often with a simple
tap-and-go system (think London Oyster cards) – little has been said publicly
about using digital and mobile wallets to manage and authorise foreign
exchange. Not only managing the process through digital wallets, but also just
the simple process of checking a currency converter for the latest rates.

Currently,
telegraphic transfers represent the fastest, most secure method of transferring
funds internationally. This inexpensive system uses electronic transmission to
assign payments, with funds generally being made available to the beneficiary
within 24 hours. Currencies Direct’s telegraphic
transfer system often reduces associated banking fees as Pound Sterling is
converted to the beneficiary’s currency before the payment is sent; therefore
transferring directly to the beneficiary’s bank.

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